Whales may have brought the Bitcoin decline: Transfers are increasing!

In the last three days, Bitcoin whales have made a transfer of 1.8 billion dollars (30,000 BTC).

The wave of whale sales occurred at a time when the price of Bitcoin dropped from around $64,000 to about $60,700. This selling wave. The decline resulted in the cryptocurrency market losing $100 billion in value. On-chain data was first shared by popular cryptocurrency analyst Ali Matinez.

Whales have started to play a more important role in the price of Bitcoin

The sell-off comes at a time when the wave suggests that short-term BTC holders are slowly leaving the market, leading to a decrease in selling pressure. According to CryptoQuant analyst IT Tech, the supply of Bitcoin held by short-term holders has decreased after large sales, indicating a decrease in selling pressure and a potential bottom signal for prices.

An analyst noted that with the short-term holders selling their coins, they generally "pass into stronger hands, which also has the potential to stabilize the market." According to IT Tech, Bitcoin is undergoing an unprecedented accumulation phase. BTC, which has been fluctuating in the range of 56,000-65,000 dollars for a long time, has not yet been able to chart its course.

The upcoming US presidential elections and whale activities will be critical for the price of BTC. If Donald Trump is elected president, an upward trend in cryptocurrencies may be observed. The buying movements of whales will instill confidence in small investors. In such a scenario, ATH can be targeted for BTC.

This article does not contain investment advice or recommendation. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.